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I am under 16 but for some reason I am having to pay taxes on my bank accounts and savings accounts even though I don't have a job. I was under the understandance that if you pay taxes you also get ISAs but because I am under 16 I am not allowed one which leads me back to the unfairness of having to pay taxes. (Also for some reason I'm still not allowed to tick the gift aid option on charity forms :rolleyes:).
You should not be paying taxes, you must get this sorted out asap as there must have been some sort of mix up.
Happened to me once, I went to the bank and they refunded me the money.
you should get a R65 form which you fill in so you don't get taxed, because most banks will tax you unless you get a R65 form yourself, only other reason i could think of you being taxed is somebody could be using your details and earning, and basically tax evading so your paying it, ie. using your national insurance number.
i don't pay tax, and i can still have an ISA called cash-e-ISA with HSBC, which gets 6% AER ;) i think your best bet is to get an r65 form
I have to do mine!
Sort it out wi' bank.
Your in USA though.Quote:
Originally Posted by Metric1
But yeah, I dont think you have to pay taxis until youre 18.. or left full time education or something..
Or earn more than 5,000 a year.
you shouldn't be paying tax, and even if you are, you should only be taxed on the interest. Get the R65 form!
I looked for the r65 form, it isnt the r65 form, i think it's the r85 form.